EUR/SGD 4H Chart: Falling Wedge

At the moment the EUR/SGD cross is developing in a very narrow-ranged falling wedge pattern, even though the quality and magnitude levels are very high. Pattern implies that the trading range is decreasing all the time, while now it does not exceed 130 pips. At the same time, trading volume on this pair has had an unusual tendency to increase during last two weeks as break-out point approaches. 

Market participants believe that the single currency will be able to rebound in the foreseeable future, as they are holding long positions on the Euro in more than 71% of all trades. Meanwhile, technical indicators on all time-frames are neutral for the time being.